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Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
 Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the industry, but so far it seems that those who feared of major problems for global shipping have not been verified and it looks like we have avoided the destructive consequences. Lack of availability of the VLSFO, massive breakdowns of main engines from poor blends, detentions from non-compliance where just some of the warnings and the possible problems that many were expecting, and none of it has happened so far, at least to a widespread extent. It hasn't been smooth, but fortunately there hasn't been any disruption of the world trade.
Unavailability of the fuel which was for a long time the biggest concern does not seem to be an issue; compliant fuels are available and supply will only improve. Also, although it may be too soon to spot a pattern from the incompatibility from the fuel blends, so far there have been no major events.
From the world fleet of thousands of vessels, we have the first reported cases of breaches of compliance with the IMO2020, as the Chinese authorities have caught two vessels for low sulphur fuel violations. There can be fines or detentions but I would guess that it is still too early and the authorities are still a bit lenient on imposing strict penalties.
The biggest problem is the price of the fuel, which is very similar to MGO and very close to the highest levels that the shipowners have ever paid for heavy fuel. This is not entirely an IMO2020 effect, the high oil prices are mostly courtesy of the trade wars, torpedo attacks, air strikes, missile strikes and the other events that sent the oil price to the recent highs. However, the spread between the compliant fuels and the HFO, which is currently getting cheaper, has peaked from $280/mt up to more than $400/mt in some major bunkering ports and the fact is that most owners are experiencing high and uncertain heavy fuel oil price levels.
So this is good news for those owners who rushed to install scrubbers, invested millions and suffered 60 days or more of lost earnings. It's payback time for them as they get better charter rates and see their investment's payback time to get shorter and shorter.
We expect the 0.5% compliant fuel to get increasingly cheaper as more of the product becomes available, refinery inventory builds up, and as more companies and tankers/barges start delivering it. Furthermore, according to news agency Reuters, China has approved a long-awaited tax waiver on exports of the compliant fuel, paving the way for Chinese refiners to boost production of the 0.5%. Although initially shipments will focus on the coastal marine fuel market, this tax waiver will definitely impact both the supply and the price of the VLSFO.
Global shipping is a beast, an enormous organism, that at first seems to be very slow to react, but in fact once again it has proven to be very flexible and relatively quick in adapting. Most shipowners have been operationally well prepared in making the transition smooth and are now ready to focus in the commercial side of things and the shipping market itself.
By Theodore Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
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- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
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